Compare Today’s Refinance Rates

On , the benchmark 30-year fixed refinance rate is 3.170% with an APR of 3.310%. The average 15-year fixed refinance rate is 2.480% with an APR of 2.670%. The 5/1 adjustable-rate refinance (ARM) rate is 3.100% with an APR of 4.070%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.

Bankrate has offers for mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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Current mortgage refinance rates

By Jeff Ostrowski
Reviewed by Greg McBride, CFA, Chief Financial Analyst for Bankrate

Mortgage rates change all the time, driven by factors like the economy, Treasury bond rates and demand. Lenders nationwide provide weekday mortgage rates to our comprehensive national survey of the most current rates available. The interest rate table below is updated daily. Use these as a guide to what’s available, but keep in mind your rate may vary depending on your qualifications and the lender you choose.

Product Interest Rate APR
30-Year Fixed Rate 3.170% 3.310%
20-Year Fixed Rate 3.050% 3.200%
15-Year Fixed Rate 2.480% 2.670%
10/1 ARM Rate 3.290% 4.000%
7/1 ARM Rate 3.130% 3.890%
5/1 ARM Rate 3.100% 4.070%
30-Year VA Rate 2.740% 2.910%
30-Year FHA Rate 2.910% 3.750%
30-Year Fixed Jumbo Rate 3.180% 3.240%
15-Year Fixed Jumbo Rate 2.490% 2.530%
7/1 ARM Jumbo Rate 3.200% 3.840%
5/1 ARM Jumbo Rate 3.020% 3.940%

at 6:30 AM

Why trust Bankrate?

Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting information on mortgage and refinance rates from the nation’s largest lenders for more than 30 years. Top publications such as The New York Times, Wall Street Journal, CNBC and others depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.

How Bankrate's mortgage and refinance rates are calculated

Here you can see the latest marketplace average rates for a wide variety of refinance loans. The interest rate table above is updated daily to give you the most current refinance rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.

How to use our refinance rate table

This table will show you estimated mortgage refinance rates from different lenders, tailored to you. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. You will get quotes based on that information, and you’ll be on your way to getting a new mortgage. This is an estimate; your actual rate will depend on a number of factors.

How mortgage refinance rates work

Mortgage interest is simply how much you pay the bank to borrow its money. If you’re taking out a $100,000 mortgage, you’ll pay back more than $100,000 over time for the privilege. Shorter-term loans have lower interest rates than longer-term ones. With that lower interest rate and more-rapid payback, a 15-year mortgage, for example, will be a lot less expensive overall than a 30-year one. The flip side is, shorter-term loans mean higher monthly payments, so even though they save you money overall, they can squeeze your monthly budget. Thanks to the ongoing trend of low interest rates, shorter-term loans have become more affordable for many borrowers, and have become especially popular with homeowners looking to refinance.

How to find the best refinance rates

Shopping around for quotes from multiple lenders is key for every mortgage applicant. When you shop, consider not just the interest rate you’re being quoted, but also all the other terms of the loan. Be sure to compare APRs, which include many additional costs of the mortgage not shown in the interest rate. Some institutions may have lower closing costs and fees than others, or your current bank or credit union may extend you a special offer. Don’t be afraid to walk away from your current lender when you refinance. If you can find a better deal elsewhere, go for it. Look at quotes from online and traditional banks. Consider using a mortgage broker, who will be able to provide rates from wholesale lenders.

Mortgage News

13 million homeowners could benefit from refinancing says Black Knight data

Even after a flood of mortgage refinancings in recent months, many millions of American homeowners still stand to benefit from refinancing. Mortgage data firm Black Knight estimates that nearly 13 million homeowners could save money by swapping out mortgages.

The figure includes only homeowners defined by Black Knight as “high-quality refinance candidates.” Those are borrowers with credit scores of 720 or higher, who hold at least 20 percent equity in their homes, are current on their mortgage payments and who stand to shave at least 0.75 of a percentage point from their existing mortgages.

Black Knight reports that some 12.96 million homeowners fit that description as of early March. However, the number of Americans who could benefit from a refi has been shrinking as rates have risen, Black Knight says.

Why are so many homeowners bypassing the refi opportunity? Partly its because it’s not so easy to qualify. Worried about the effects of the recession and the risks of elevated unemployment, banks have boosted requirements for credit scores and home equity, and they’re scrutinizing borrowers’ employment situations. Overall, lenders have tightened the availability of credit.

What you can do

To score the best deal on a mortgage:

  • Shop around. Closing costs and rates vary by lender, so get three bids.
  • Understand the breakeven point. That’s the moment at which the savings in monthly payments offset the amount of the closing costs. This refinance calculator can help you decide.
  • Don’t chase the lowest rate. Yes, a low rate and paltry payment are good, but make sure those benefits aren’t overwhelmed by closing costs.

What to you need to know about refinancing your mortgage

Calculators

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